Entrepreneur Lists Causes Of Business Failure

The President of the
Nigeria Entrepreneurs Forum (NEF), Sydney Inegbedion, has identified lack of meaningful ideas by businessmen and business operators as the major responsibility of business collapse in the country.
The Entrepreneur Forum’s president spoke to The Tide at the Presidential Hotel on Monday on the activities of the Entrepreneurship Development Programme of the forum coming up soon in the state.
He said investigation had shown that many collapsed businesses were owned by people who lacked clear ideas of what they set out to do.
Inegbedion stressed that a winning idea should first be on the business ownership hierarchy, saying that without it no business can survive no matter how well funded.
He said the Entrepreneurship Forum had discovered that many people rushed into business without sound ideas of what they are all about and this is responsible for enterprises folding up here and there.
He also averred that any business founded on sound idea survived challenges rather than people blaming collapse of enterprises on external factors such as poor economy, lack of basic infrastructure and capital, among others.
The NEF president said the forum would assist entrepreneurs with ideas to set up their businesses and be self-employed rather than depend on dwindling white collar jobs.
He said the forum would provide institutional and technical support to interested trainees willing to access credit to set up their businesses.

Philip Okparaji